For this list, we have searched and tested several forex brokers offering Islamic swap-free accounts.

We opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. We placed real trades in each popular market to get the real spreads.

We also reached out to customer support to solve issues that we hd encountered. Finally, we withdrew our funds to see if there is any issue with the withdrawal process.

We handpick the best forex brokers with Islamic swap-free accounts based on our trading data and experience as a trader.

What is Swap or Rollover Interest?

Rollover is the forex trading strategy under which traders hold their open positions overnight. Swap or rollover rate is the interest they have to pay or earn for carrying forward their open positions overnight.

The swap rate is basically the difference of the interest rates set by the central bank of the two currencies in the trading pair. The type of open position, long or short, will determine which currency interest rate should be substracted from which one. 

Swap benefit or swap charges completely depend on interest rate differentials.

For example, in the case of a long position on the EUR/USD pair, the swap rate can be calculated by subtracting the US dollar interest rate from the euro interest rate.

Most of the forex trading platforms will display the rollover rate of all currency pairs. Else, traders can use third-party platforms to check the rollover rates.

What is Swap-Free (Islamic) Account?

Swap-free accounts enable forex traders to take overnight positions on currency pairs without any possibility of earning or paying interest. 

These accounts are specifically designed for Islamic traders (thus Islamic accounts) as Sharia laws prohibit any Muslim to earn or pay interest. Islamic swap-free accounts enable any Muslim to trade forex fully complying with the Sharia laws, thus making forex trading Halal.

Many brokers often charge an account opening fee for opening an Islamic swap-free account. Brokers might ask for reasons behind opening such accounts.

Most forex brokers voluntarily offer Islamic swap-free accounts to attract Muslim traders. But, the financial market regulators in the Middle Eastern countries, including the Dubai Financial Services Authority (DFSA) makes it mandatory for forex brokers to offer such swap-free account.

Swap-Free Forex Brokers

To select the best swap-free forex brokers, we tested and reviewed several forex brokers. We opened live accounts and depositing real money with each broker. We also placed real trades in popular markets to get the real picture of the spread and commission, trading platform, deposits and withdrawals conditions, education, and customer service.

  • Pepperstone – Best Overall Swap-Free Forex Broker
  • AvaTrade– Best Swap-Free Broker for Beginners
  • Dukascopy – Best Swap-Free High Leverage Forex Broker
  • Amana Capital – Best MT4 Swap-Free Forex Broker
  • Go Markets – Best Swap-Free Forex Broker with Low Spread and Fees

Best Overall Swap-Free Forex Broker

We have picked Pepperstone as the best overall swap-free broker.

Pepperstone is a versatile broker with excellent services. It offers a total of 158 trading instruments in markets across forex, indices, stocks, commodities, and cryptocurrencies. The trading platforms offered by the broker are MT4, MT5, and cTrader.

It primarily offers two account types (excluding the swap-free account) to retail traders and supports an array of base currencies. Additionally, it offers raw market spreads with minimum trading and non-trading fees.

Best Swap-Free Broker for Beginners

We have picked AvaTrade as the best swap-free broker for beginners.

AvaTrade is an excellent forex broker when it comes to beginner-friendly services. It offers good educational resources to train new brokers about the forex market and trading techniques. It even offers a demo account to the traders that allow traders to execute trades and learn without risking their real money.

AvaTrade has no limits in trading strategies and also offers copy trading services, which allows rookie traders to copy the exact strategy and positions of experts to potentially earn profits when learning about trading.

Best Swap-Free High Leverage Forex Broker

We have picked Dukascopy as the best swap-free high leverage broker.

When it comes to offering high leverage, there are only a few well-regulated brokers: Dukascopy is one of them. The broker is regulated by FINMA that offers leverage of up to 100:1 on major currency pairs.

Dukascopy offers trading with forex, stocks, indices, commodities, and cryptocurrencies, and lists a total of 750 instruments. It offers services on two platforms: MT4 and JForex. It also has some of the lowest spreads in the industry as our tests found that the average spread on the EUR/USD pair is only 0.8 pips.

Best MT4 Swap-Free Forex Broker

We have picked Amana Capital as the best MT4 swap-free forex broker.

Amana Capital, which holds multiple regulatory licenses and operates globally, is an excellent broker for Muslim traders who wants to trade on MT4 with a swap-free account. It is one of the many brokers offering trading services on MT4, but also offers the latest MT5 platform.

MT4 is the broker’s primary trading platform, and so most of its additional tools and features are integrated on this platform. It offers MT4 clients on web, desktop and mobile devices.

Amana Capital is regulated in the UK, Cyprus, UAE, Lebanon, Malaysia, and Mauritius. It offers trading services with forex, and CFDs of indices, stocks, commodities, and cryptocurrencies.

Best Swap-Free Forex Broker with Low Spread and Fees

We have picked Go Markets as the best swap-free forex broker with low spread and fees.

GO Markets is known as one of the top forex and CFDs brokers. Its offerings include forex pairs and CFDs of indices, metals, commodities, and shares, with a total of 378 trading instruments.

GO Markets also offers zero spreads to the brokers with the two of its account types. The broker offers three account types: Standard, GO Plus+, and Pro. The first one has spread from 1 pip but does not have any commission, while the next two have spread from zero with an added commission for every transaction.

Swap-Free Forex Brokers List

Apart from the shortlisted brokers, here is a complete list of forex brokers that offers swap-free accounts, which we have tested and reviewed.

Forex BrokerSwap-Free Islamic AccountTest DetailsBroker Review
FxProYes
Deposit Amount: Over €5,000
Total Trade: 15 trades
FxPro Review
Admiral MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
BlackBull MarketsYesDeposit Amount: Over €4,000
Total Trade: 12 trades
Visit BlackBull Markets
GO MarketsYesDeposit Amount: Over €4,500
Total Trade: 12 trades
Go Markets Review
ActivTradesYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ActivTrades Review
XMYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
FXTMYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
ICM CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
ICM Capital Review
TickmillYesDeposit Amount: Over $8,000
Total Trade: 12 trades
Tickmill Review
XTBYesDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
RoboMarkets (RoboForex)YesDeposit Amount: Over €5,000
Total Trade: 12 trades
RoboMarkets (RoboForex) Review
PepperstoneYesDeposit Amount: Over €6,000
Total Trade: 12 trades
Pepperstone Review
FBSYesDeposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
GKFXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
GKFX Review
DarwinexYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Darwinex Review
IC MarketsYesDeposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
ThinkMarketsYesDeposit Amount: Over €5,000
Total Trade: 15 trades
ThinkMarkets Review
FP MarketsYesDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
Amana CapitalYesDeposit Amount: Over €5,000
Total Trade: 12 trades
Amana Capital Review
AvaTradeYesDeposit Amount: Over €4,000
Total Trade: 21 trades
AvaTrade Review
Vantage FXYesDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review
INFINOXYesDeposit Amount: Over €4,000
Total Trade: 9 trades
INFINOX Review

FAQ and More on Swap-Free Brokers

Traders usually have many questions related to generic trading-related queries. We tried to pick and answer some of the most important queries related to swap-free (Islamic) forex brokers.

Halal Forex Brokers

Islamic Sharia law does not allow Muslims to gain or pay interests. However, interests are a key art when rolling over positions overnight. Brokers come up with Halal trading by offering swap-free accounts to Muslim traders, which is a way to trade forex without violating Islamic laws.

Swap-Free Forex Broker in Malaysia

Demand for swap-free forex brokers is high in Malaysia due to the large number of the Muslim population in the country. Some of the Labuan Financial Services Authority-regulated forex brokers offering swap-free Islamic accounts are:

  • Amana Capital
  • RoboMarkets (RoboForex)
  • Tickmill
  • AvaTrade

Swap-Free Forex Broker in Australia

Many Australian forex brokers, which are regulated by the Australian Securities and Investments Commission (ASIC), offer swap-free Islamic forex trading accounts. Some of the top Aussie brokers offering swap-free accounts are:

  • IC Markets
  • ThinkMarkets
  • vantage FX

MT4 Swap-Free Forex Brokers

MT4 platform dominates the forex and CFDs trading and most of the brokers offer trading services on this platform. Some of the reputed MT4 forex brokers offering swap-free accounts are:

  • AxiTrader
  • XM
  • Amana Capital

Swap-Free Forex Brokers with High Leverage

There are only a well-regulated few forex brokers offering high leverage on currency pairs. Some of the FINMA or FMA regulated forex brokers offering swap-free accounts are:

  • BlackBull Markets
  • Dukascopy
  • Swissquote
  • Saxo Markets

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Leave a Reply

Your email address will not be published. Required fields are marked *